Overview
imec.xpand is an independent Venture Capital fund that operates in close partnership with imec, the world-leading nanoelectronics research center in Leuven. The fund was created to commercialize breakthrough research emerging from imec's labs and partner ecosystem.
Fund II, closed in 2024 at EUR 300M, makes it one of the largest dedicated deep-tech funds in Belgium. The portfolio spans semiconductors, photonics, and nanotechnology, with 23 portfolio companies that have collectively raised over EUR 1.5B.
Portfolio
- Swave Photonics - Holographic display technology
- Vertical Compute - Semiconductor architecture
- Eyeo - Optoelectronics
Investments
Swave Photonics
Swave Photonics is a Leuven-based deep-tech startup that raised EUR 43M to develop holographic display chips enabling high-quality augmented reality glasses.
Aerospacelab
Aerospacelab is a Charleroi-based satellite manufacturer founded in 2018 that has raised EUR 131M and is building what it describes as Europe's largest satellite factory, targeting 500 satellites per year.
Vertical Compute
Vertical Compute is a Leuven-based imec spin-off developing vertically integrated AI compute and memory hardware, having raised EUR 57M in seed funding in January 2025.
Eyeo
Eyeo is a Leuven-based imec spin-off using color-splitting photonics technology to build ultra-compact imaging sensors, having raised EUR 15M in May 2025.
In the news
- Our team will be taking the stage at several events across Europe this month. Hope to see you there! #DeepTech #Semiconductors #VentureCapital #HealthTech #NovemberEvents
- Two nominations. Two winners! 🏆🏆 Two of our portfolio companies were nominated for this year's Private Equity Awards, organized by Private Capital Belgium. And both took home an award! VerticalCompute - Venture Company of the Year Aerospacelab - Growth Company of the Year Congratulations to both teams! We're proud to be part of your journeys! #VentureCapital #DeepTech #PrivateEquityAwards #GrowingTogether
- SpectaCell, de eerste spin-off uit een samenwerking tussen imec, VIB en Ghent University, haalde 6 miljoen euro startkapitaal op in een internationale financieringsronde die werd geleid door imec.xpand en waaraan het Flanders Future Tech Fund (beheerd door PMV), InnovationQuarter, Qbic Fund | Venture Capital en VIB deelnamen. Het Gentse bedrijf ontwikkelt een celanalyse-platform dat biofarma-bedrijven zal helpen om betere kandidaat-geneesmiddelen te ontdekken en sneller te beslissen welke ze verder ontwikkelen zodat betere
- Breakthrough medicines need breakthrough tools Immunotherapies are redefining the future of medicine, opening new ways to treat cancer and diseases of the immune system. But predicting which treatments will work remains a major challenge. SpectaCell is developing a new cell analysis platform that shows how individual cells respond to potential treatments. It enables researchers to compare drug candidates and helps them decide which treatment to pursue. The company - the first spin-off from a long-standing research collaboration
- As we continue to expand, so does our team. Joana FG Lemos Araújo has joined imec.xpand as our new Legal, Risk & Compliance Manager, further strengthening our capabilities across legal, risk management, compliance and governance. Welcome to the team, Joana. Great to have you on board! #xpanding #GrowingTogether #VentureCapital
- How to scale a DeepTech startup: From research institute to product company Today at LEVEL UP 2026 in Eindhoven, our colleague Bert G. will discuss exactly that with Jeroen Hoet, CEO and co-founder of our portfolio company eyeo. Jeroen and Bert will discuss what it takes to turn breakthrough technology into a product company, sharing their perspectives on the challenges that come with it - from long development cycles to securing investment - and the lessons learned along the way. 🎤 How to scale a DeepTech startup: From research
- This Thursday, our Partner Cyril Vančura will take part in the panel discussion at MicroLED Connect in Eindhoven. The topic: “Betting on AR: uLED Momentum, Tier-1 Reality, and the Case for Consolidation.” Cyril will share his perspective alongside Steven Konsek, Flo Pattiwael and Marco Cravetto. Attending MicroLED Connect? Make sure to catch the discussion. #MicroLEDConnect #PanelDiscussion #HighTechCampus MicroLED Connect + AR/VR Connect
- Euclyd raises over €200 million to build ultra-efficient AI infrastructure As AI becomes more powerful and is deployed at ever greater scale, the infrastructure required to run it is becoming one of the industry’s biggest challenges. EUCLYD is building a new computing platform designed to address this challenge. Rather than improving a single component, the company is rethinking how processors, memory and datacenter systems work together, with the ambition to dramatically reduce the energy, cost and physical footprint required
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